The reigning champions saw their hopes of reaching the second round suffer a serious blow on Friday as they were thrashed 5-1 by the Netherlands.
Another defeat would all but signal the end of their title defence, but Torres is confident that the Spaniards can get a positive result against Chile.
"Psychologically we are prepared," the striker told FIFA.com. "We need to look at Chile and analyse them.
"Mentally I think the team is prepared for a situation like this. This group has gone through very good and very bad moments together. We know what we are capable of and I don't think the psychological factor will be a problem."
Spain meet Chile in Rio de Janeiro on Wednesday.